Dataminr Inc., a startup that helps organizations spot useful information in social media posts and other publicly available data on the web, is now valued at $4.1 billion after closing a $475 million round of fresh funding.
The round was announced this morning. More than a half-dozen investors took part, among them Morgan Stanley’s Tactical Value fund, IVP and Valor Equity Partners, a private equity firm best known as an early Tesla Inc. investor.
New York-based Dataminr uses artificial intelligence to scan the public web for emerging developments that might be important for its customers, which range from Fortune 500 companies to newsrooms. Dataminr says its algorithms aggregate data from more than 100,000 data sources including social media platforms, the dark web and “internet of things” sensors, among many others.
Dataminr organizes the incoming information, identifies data points that could be of interest to its customers and turns them into real-time alerts. Each company can customize the alerts based on its specific priorities, with the startup saying that firms rely on its data for use cases as varied as business analytics and tracking emerging cyberattack campaigns.
Dataminr claims it can in some cases help organizations become aware of unfolding events minutes or even days before they could find out about them through other channels.
Alongside its enterprise offering, Dataminr provides a separate version of its product geared toward newsrooms that the startup says is used by more than 30,000 journalists worldwide. The startup also provides a third product edition that is in turn aimed at public sector organizations. Dataminr has faced controversy recently over some of its projects with public sector customers, particularly its work with police departments.
On its website, Dataminr lists Citibank, United Parcel Service of America Inc., The Washington Post and Dyson Ltd. among its customers. The startup claims that its enterprise business is seeing particularly strong growth, having doubled revenues in each of the past three years.
“Dataminr’s unparalleled ability to detect breaking events and critical information far in advance of other sources is more relevant than ever for the world’s public and private sector organizations,” said Dataminr Chief Executive Officer Ted Bailey. “Today, more than half of the Fortune 50 rely on Dataminr, and this additional capital will enable the company to accelerate client growth, both in the US and abroad.”
As part of the growth effort, Dataminr plans to continue expanding its enterprise business, as well as establish bigger sales operations in Europe and Asia.
The company has raised more $1 billion in funding to date.
-- This article was originally published by SiliconANGLE --